Cash ISAs: The Best Currently Available List

refluxer

duckson said:

Does anyone know how to directly fund (via a monthly standing order) the Zopa Smart ISA? It doesnt have an account number as such and it seems any money funded goes into the 'Primary pot' first.

I don't think you can pay into a Zopa Smart ISA directly. Their ISA pots are just like their Boosted pots in that they don't have individual account numbers (like you say) so I think the only way to pay into them is from your Smart Saver Primary Access pot, which is why you have to open a Smart Saver in order to open the ISA.

The Smart ISA does have a reference number, but that number includes all Access and/or Fixed Term pots held within it. It's presumably only needed if you transfer to another provider in the future. Note that Zopa don't allow partial transfers out, so bear that in mind if you're thinking about opening any Fixed Term pots as those would all need to have matured in order to transfer the whole of the Smart ISA away without paying a penalty.

duckson

Thanks. It’s my sons, if I’d of known he’d have to manually fund the ISA I wouldn’t have considered it for him! 🙄

Correct me if I’m wrong but if it’s not funded I can close it and open another Cash ISA with another provider in this same tax year? He has only funded his LISA S&S ISA with AJ Bell this tax year (I’m aware of the £20k limit across all ISA’s). 

Reed_Richards

duckson said:

Correct me if I’m wrong but if it’s not funded I can close it and open another Cash ISA with another provider in this same tax year? 

You never really open an ISA until you fund it.  For example, you could have filled out all the paperwork and have been given an account number on 1st April this year but if you did not fund the ISA until 6th April then it would be part of your allowance for the current (23/24) tax year.  

fuzzzzy

Are there any requirements I need to meet for the Virgin Money current account if I open one to get the 1 year fixed rate exclusive ISA? Can I just open the current account and ignore it with no funding in?

pecunianonolet

fuzzzzy said:

Are there any requirements I need to meet for the Virgin Money current account if I open one to get the 1 year fixed rate exclusive ISA? Can I just open the current account and ignore it with no funding in?

Yes, opened my ISA this year in March, never used the debit card. No issues.

kjs31

I opened a Metro 12 month fixed rate ISA in branch on 27th November. It was to be funded from an easy access cash ISA with Principality Building Society. Although the transfer was via a manual form rather than electronic the Principality account was closed last week and I received a letter from them dated 28th saying that the funds had been transferred to Metro. The funds are yet to appear in my Metro account. I know that I will get interest accruing from the date of the transfer application but how long should it take Metro to apply the funds to my account so that I can actually see them? 

pecunianonolet

Fixed 1y ISA rates are diving further. Virgin now 5.5% and was 5.85% not long ago before lowered to 5.75% and now at 5.5%. All within maybe 2-3 weeks. Metro Bank 1y fix also lowered to 5.5%

Won't be long and Easy Access Cash ISA's will also dive below the 5% mark. 

refluxer

I've just opened a Barclays Premier 18 month Flexible Cash ISA because I'm starting to think that, at the rate fixed rates are sliding, 5.15% could end up being a pretty good rate for paying more in next April, when next year's ISA allowance becomes available.

For those who aren't aware, the Barclays Flexible Cash ISAs are a rare example of a fixed rate cash ISA that allows deposits throughout the duration of the fixed rate period. You can also make up to 3 penalty-free withdrawals of up to 10% of the balance each time if you find you need access to some cash in an emergency and these can be flexibly replaced.

I went for the 18 month rate despite it being slightly lower than the 12 month option because I figured that fixing anything paid in next April for the extra 6 months (until June 2025) could turn out to be the better option in the long run, if the banks' long-term predictions turn out to be true and rates are only going to head downwards.

Despite this sounding like a gamble, it actually isn't if you happen to have an easy access ISA that allows partial transfers out because you can fund the Barclays ISA with as little as £1 and I haven't spotted anything in the T&Cs that states that partial transfers-in aren't allowed (yet... I haven't actually set up the transfer yet, but will report back once I do).

One important thing to note is that I'm already a Barclays customer - to open one of these ISAs easily (if you don't have a nearby branch which allows you to make an appointment at short notice), you'll need access to their online banking and the quickest and easiest way of achieving this if you're a new customer is to open a current account, which may prove to be too big a 'hoop' for some. Also note that you only get 30 days for transferring in, so deposits beyond that time are limited to new subscriptions only.

pecunianonolet

refluxer said:

I've just opened a Barclays Premier 18 month Flexible Cash ISA because I'm starting to think that, at the rate fixed rates are sliding, 5.15% could end up being a pretty good rate for paying more in next April, when next year's ISA allowance becomes available.

For those who aren't aware, the Barclays Flexible Cash ISAs are a rare example of a fixed rate cash ISA that allows deposits throughout the duration of the fixed rate period. You can also make up to 3 penalty-free withdrawals of up to 10% of the balance each time if you find you need access to some cash in an emergency and these can be flexibly replaced.

I went for the 18 month rate despite it being slightly lower than the 12 month option because I figured that fixing anything paid in next April for the extra 6 months (until June 2025) could turn out to be the better option in the long run, if the banks' long-term predictions turn out to be true and rates are only going to head downwards.

Despite this sounding like a gamble, it actually isn't if you happen to have an easy access ISA that allows partial transfers out because you can fund the Barclays ISA with as little as £1 and I haven't spotted anything in the T&Cs that states that partial transfers-in aren't allowed (yet... I haven't actually set up the transfer yet, but will report back once I do).

One important thing to note is that I'm already a Barclays customer - to open one of these ISAs easily (if you don't have a nearby branch which allows you to make an appointment at short notice), you'll need access to their online banking and the quickest and easiest way of achieving this if you're a new customer is to open a current account, which may prove to be too big a 'hoop' for some. Also note that you only get 30 days for transferring in, so deposits beyond that time are limited to new subscriptions only.

We can only hope that the new ISA rules will spark some more competition among providers and that there will be some attractive offers in March.

subjecttocontract

kjs31 said:

I opened a Metro 12 month fixed rate ISA in branch on 27th November. It was to be funded from an easy access cash ISA with Principality Building Society. Although the transfer was via a manual form rather than electronic the Principality account was closed last week and I received a letter from them dated 28th saying that the funds had been transferred to Metro. The funds are yet to appear in my Metro account. I know that I will get interest accruing from the date of the transfer application but how long should it take Metro to apply the funds to my account so that I can actually see them? 

I'd expect it to take quite a while.
They have never offered market leading accounts before so are probably struggling to handle the demand for new accounts & transfers. Lots of their staff are young and lack experience so consequently everything takes longer. They have got 15 days (presumably working days) to complete the transfer but hell, I don't expect much would happen if they took 35 days or more to complete. Let's face it, if they took 15 weeks to transfer it the only ones who would suffer would be Metro Bank. Sit back, stop worrying, put your feet up and wait for the confirmation letter to drop thru your letterbox saying it's all done.